5 cryptocurrencies that have lost over 80% since the start of 2022

Market for cryptocurrency largely surpassed in 2021 to reach record highs at the end of 2021, as when Bitcoin reached its all-time high around $65,000 in November 2021. However, things are very different in this year 2022, which characterized mainly by a bear market.

In particular due to the tightening of global monetary policies and the deterioration of traditional financial markets, there is a significant lack of interest in cryptocurrencies. The latter leads to extreme price movements in a market already known for it instability. In addition, many scandals and bankruptcies have occurred in crypto sphere this year which have put pressure on the market.

Let’s find out in this article 5 cryptocurrencies that have lost more than 80% since the beginning of the year. Should you invest in these cryptos?

1. FTX Token (FTT)

FTT market capacity : $488,079,987
FTT Token Ranking by Market Cap as of November 14, 2022 : 209
FTT Token Price Change Year to November 14, 2022 : 96.32%

FTT is the original token of one of the most popular exchange platforms: FXT. However, the latter declared bankruptcy last week, its CEO Sam Bankman-Fried resigned, and many crypto traders’ funds are still frozen. Not to mention that the platform also suffered a major hack shortly after the company was declared bankrupt.

As you will have gathered, the ongoing saga of the FTX affair is complex and has already sent shockwaves throughout the market. of Bitcoin for example, it fell from $20,000 to a low below $16,000 last week.

After the FTT token fell from $22 on November 8 to below $1.50 at the time of writing, the FTX issue has significant implications for the overall cryptocurrency market, including market capitalization. the market has gone from $1 trillion on November 8, 2022 to $800 billion today.

Over 7 days, FTT lost 93.45% from $31.60 to $1.49.

2. Solana (SOL)

Solana market cap : $5,229,254,060
Solana ranking by market capitalization on November 14, 2022 : 13
SOL Token Price Change Year to November 14, 2022 : 91.93%

The SOL token is the original token linked to the blockchain Solana which is a network that provides an alternative, faster and less expensive blockchain for players on Decentralized Finance (DeFi) especially using Proof of History consensus among other technologies.

Solana claims to process 2,917 transactions per second for an average cost per transaction of $0.00025 at the time of writing.

This aspect attracts many players who want to develop decentralized applications (dApps) that are fast and easy to use, with low transaction costs and, above all, scalable. Thus, Solana hosts many loan protocols, markets NFTDEX projects and applications from Web3.

Over 7 days, Solana lost 54.55% from $31.60 to $14.41.

3. Sandbox (SAND)

Sandbox market cap : $897,088,551
Sandbox ranking by market cap as of November 14, 2022 : 46
SAND Token Price Change Year to November 14, 2022 : 89.98%

The SAND token isservice mark from the metaverse game The Sandox created by a French. The blockchain gaming platform offers various interconnected services that allow users to create and monetize their gaming experiences (marketplace, virtual real estate, NFT creator, VoxEdit, etc.).

The game has benefited from the investments of major players, especially in relation to these virtual plots of land. We will especially think of Atari, PWC Hong Kong or even Snoop Dogg. As more celebrities join, the game’s virtual real estate prices can rise.

For those who think that the metaverse is here to stay and that NFTs are the crypto assets of the future, especially in the video game market, cryptocurrencies like SAND are promising assets that allow investing in the metaverse.

Over 7 days, Sandbox lost 28.77% from $0.85 to $0.5981.

4. Avalanche (AVAX)

etoro virtual currency

Avalanche market cap : $4,055,563,361
Avalanche ranking by market cap as of November 14, 2022 : 18
AVAX Token Price Change Year to November 14, 2022 : 88.85%

Avalanche, which is often seen as a competitor to Ethereum, aims to facilitate the exchange of assets through the use of smart contracts and a blockchain capable of confirming transactions in record time.

This is why it strives to provide a robust infrastructure that allows transactions to be processed almost instantaneously, favoring scalability through a third-generation blockchain to support Web3, particularly through the use of “sub-networks” or subnets.

Because of Avalanche’s compatibility with applications Ethereummany quality players, such as Chainlink, Deloitte and MasterCard, have chosen to work with this blockchain.

Over 7 days, Avalanche lost 26.49% from $18.20 to $13.40.

5. Polkadots (DOT)

Polkadot market cap : $6,598,927,732
Polkadot ranking by market cap on November 14, 2022 : 11
DOT Token Price Change Year to November 14, 2022 : 79.67%

Polkadot is an ecosystem that combines and secures specialized blocks called parachains. DOT is a service token and governance token that performs several functions on the Polkadot network, including: providing network governance, operating blockchain and create parachains.

This ecosystem is in full expansion because it makes it possible to create bridges between different blockchains. Therefore, applications and services built on the network are able to connect securely to each other and across blocks. This lays the foundation for a new version of the web – a decentralized and truly interoperable version.

As more and more blockchains are created to provide a solution for specific sectors in different industries, each of them has its own set of features depending on its purpose. But this growing technology (and these sometimes impressive capabilities) can only really grow if they’re connected.

This is why developing ways for these blockchains to communicate with each other can be a boon to blockchain technology.

Interoperability, which is an umbrella term used in the cryptocurrency world to describe how two or more different blockchains can work together, is seen by many as the key to getting more people to adopt the technology. block.

Over 7 days, Polkadot lost 14.14% from $6.82 to $5.81.

Is it time to invest in these cryptocurrencies?

Although this question is legitimate, it is difficult to give a single answer for many reasons. The first is that cryptocurrencies are risky assets that are not suitable for all investors. It is also important to consider your risk tolerance, your starting capital, as well as your investment horizon.

While Token FTX has little chance to recover after its liquidity crisis and its bankruptcy, other cryptocurrencies have real uses, such as the interaction of blockchains with the Polkadot network, the development of Web3 with the Avalanche blockchain or even the development of the metaverse virtual environment. with Sandbox.

If you want to take advantage of the sharp drop in these cryptocurrencies, know that there are different ways to gain exposure to the cryptocurrency market.

You can use a popular cryptocurrency exchange like Binance Where Bitpanda to buy land to hold them in the hope that their value will increase or to use them in everyday life.

It is also possible to use one Stock broker like XTB Where eToro which allows you to trade crypto in the short term to take advantage of volatility. In addition, using short derivatives can also allow you to profit from falling cryptocurrency prices. But beware, these are complex financial products that need to be mastered before you use them and are only suitable for the most well-informed investors.

Image source: Freepik

All of our information is, by nature, general. They do not take into account your personal situation and do not in any way constitute personalized recommendations for carrying out transactions and cannot be assimilated to a financial investment advisory service, nor to any inducement to buy or sell financial instruments. The reader is solely responsible for the use of the information provided, without any recourse against the publishing company of Cafedelabourse.com. The publisher of Cafedelabourse.com cannot be held responsible in any way for any error, omission or inappropriate investment.

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